MYTHERESA TO ACQUIRE YNAP FROM RICHEMONT

KUALA LUMPUR, Oct 7 (Bernama) -- MYT Netherlands Parent B.V. (Mytheresa) and Richemont announced they have entered into binding agreements for the acquisition of 100 per cent of the share capital of YOOX Net-a-Porter (YNAP) by Mytheresa.

At transaction closing, Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt, subject to customary closing adjustments, in exchange for shares to be issued by Mytheresa representing 33 per cent of its fully diluted share capital at closing following issuance of the consideration shares. (1 euro = RM4.62)

According to a statement, the transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide.

“With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide. Mytheresa, Net-a-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service,” said Mytheresa Chief Executive Officer, Michael Kliger.

Meanwhile, Richemont Chairman, Johann Rupert said: “Mytheresa is ideally placed to build on YNAP’s assets to further delight customers and brand partners alike across the world by harnessing both companies’ respective strengths.”

In the medium term, the deal entails the integration of YNAP’s Luxury division into Mytheresa to form one group with three distinct storefronts, namely Mytheresa, Net-a-Porter and Mr Porter.

The separation of the off-price division, comprising YOOX and The Outnet, from the luxury division to allow for a simpler and more efficient operating model driving higher growth and profitability.

Also, YNAP’s white label division will be discontinued once the Richemont Maisons’ online stores powered by YNAP migrate to their own chosen platforms.

Richemont will make available a six-year revolving credit facility of 100 million euros to finance YNAP’s general corporate needs, including working capital. Closing of the transaction, which is expected to occur in the first half of calendar year 2025, is subject to customary conditions, including the receipt of antitrust approvals.

-- BERNAMA